FirstBank disburses over N17bn loans through FirstAdvance

FirstBank’s Adeduntan wins Global Banking and Finance’s Retail Banking CEO Award

First Bank of Nigeria Limited, has revealed it disbursed over N17 billion loans through through FirstAdvance, its digital lending solution. According to Nigeria’s leading financial inclusion services provider, FirstAdvance is designed to offer a convenient and easy access to cash for salary earners whose accounts are domiciled with FirstBank and have received regular salaries for two months, prior to the loan request. In barely a year since the launch of FirstAdvance, FirstBank said over 128,000 unique customers in over 782,996 successful transactions have so far benefitted from loans. Processing a…

Read more

UBA leads consortium to stake $1.5bn on NNPC, NPDC’s project

UBA Savings Promo

The United Bank for Africa Plc (UBA) recently acted as lead arranger of a consortium of domestic and international banks in a $1.5 billion Pre-Export Finance Facility for the Nigerian National Petroleum Corporation (NNPC) and its upstream subsidiary, the Nigerian Petroleum Development Company (NPDC). This is a pointer to the strength of the nation’s financial services industry, experts in the financial services industry have said. The facility, according to a statement by UBA Group on Tuesday evening, is structured in two tranches, the first tranche of which is $1 billion…

Read more

Nigerians textile companies to get CBN’s N50bn seed fund

Textile industry

…as apex bank rolls out modalities   The Central Bank of Nigeria (CBN) has approved N50 billion intervention fund for the revamping of Nigerian textile industry. In a document obtained from the apex bank by BusinessMetricsNG the apex bank explained the modalities of the fund as a one-off intervention with a seed fund of N50 billion that will terminate by December 31, 2025. It further stated that the financing amount is a maximum of N2 billion for a single obligor in respect of new facilities and N1.0 billion for refinancing,…

Read more